Will tax reform happen? Will it be good for business owners? It is too soon to say, but some tax breaks are gaining traction in Congress.

The U.S. House of Representatives and the U.S. Senate are taking different approaches to giving a tax break to pass-through entities like S corporations and LLCs.

If the Senate passes a tax reform bill this month, it will be fascinating to see how the differences in the House and Senate plans get worked out in the conference committee and whether Congress will send a tax bill to President Donald Trump in December. (As of this writing, the House has passed its version of the Tax Cuts and Jobs Act, and the Senate plan just came out of committee and is expected to go to the full Senate after Thanksgiving.)

There is a lot that we do not know. But we do know that if tax reform happens, it will happen fast, and it will create many interesting planning opportunities for business owners and the potential for meaningful tax savings, including a potential rate adjustment or a deduction for business income and increased capital expensing.